May 28, 2024 05:27 GMT
Trading At It Recent Highs
USDJPY TECHS
- RES 4: 160.17 High Apr 29 and the bull trigger
- RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
- RES 2: 157.99 High May 1
- RES 1: 157.20 High May 23
- PRICE: 156.77 @ 06:26 BST May 28
- SUP 1: 155.81/154.14 20- and 50-day EMA values
- SUP 2: 153.21 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY is holding on to last week’s gains. The pair has managed to breach resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off. A continuation higher would open 157.99, the May 1 high. For bears, a reversal lower would refocus attention on 154.14, the 50-day EMA, and 153.21, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat.
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